US trade deficit at the highest level in the last more than 30 years

The US trade deficit jumped to the highest level in March after the Trade Ministry began publishing data, reflecting import growth, as companies are trying to exceed new customs costs.

Imports of goods and services in the United States increased by 4.4 percent in March compared to February of $ 419 billion. Exports remained more or less at the same level as in February and amounted to $ 278.5 billion.

This meant that the US deficit in goods and services trade increased by 14 percent in March compared to the previous month and amounted to $ 140.5 billion. The amount is the highest since 1992, when the ministry began publishing monthly trade reports.

The deficit in the trade in goods increased by 11.2 percent to $ 163.5 billion, which is also the highest value of 1992.

Imports of goods jumped by as much as 5.4 percent on a monthly basis, on a record $ 346.8 billion. Exports rose 0.7 percent to a record $ 182.3 billion – the ministry said.

The United States recorded its largest trade surplus with the Netherlands in March, $ 4.5 billion.

The largest deficit was recorded in the trade with the European Union, amounting to $ 48.3 billion. In second place is China, with the United States registering a deficit of $ 24.8 billion, and Mexico is third with $ 16.8 billion, according to Ministry of Commerce.

In the first three months of this year, the US deficit in trade in goods and services was almost doubled compared to the same period last year. Exports increased by 5.1 percent annually, and imports by 23.3 percent, the ministry estimated.

In early April, the United States reported 10 percent customs duties for countries around the world. They are also planning « reciprocal » customs duties to trading partners that have continuously recorded a trade deficit.

President Donald Trump then postponed the introduction of new tariffs in 90 days, saying he wants to provide enough time to negotiate with trade partners.